New 78 Day High with Gap up - ARQL/ENPH

ENPH last May 1, 2019 made a new 78 Day High with a Gap up closing at around $12.80. After 49 days or 34 trading days it had risen above $19.00. Aside from Appearing as New 78 Day High, ENPH at the same time frame made a debut under DARVAS B15 filter of stockfetcher. This is the filter I kept to check for stocks that had made a new high with a huge volume against a previous high contained in a range of highs and lows forming a systematic box where you can determine the fluctuation of a price within a specific level, usually at whole number levels of support and resistance. This box theory was developed by Nicolas Darvas who liked to exploit on the momentum of a stock.

http://charts.stockfetcher.com/sfchart/r41uHENvbz.png

ARQL made a gap up last march 7, 2019 reaching a high of $6.00, consolidating around 4.60 for around 21 days and made another gap up on Jun 14, 2019 and June 17, 2019 reaching a high above $9.00. This seemed to be in a perfect timing for a buy. See ENPH when it made a gap up. It looks like the pattern is repeating on ARQL.
See entry on ARWR when it made a gap-up. Check the blog "New 78 Day High - Gap-up on Big Volume - ARWR Simulation"


The main catalyst of ARQL are the following:

1. June 22, 2018 it had been added to Russel 2000 Index at the price of around $4.75
2. Made a Triple Top at 6.50
3. Broke down 200EMA and went as low as $2.25 Dec. 24, 2018
4. Broke out of 200EMA and $6.00 resistance with a huge candle and huge volume, doubling its volume from previous volume before it got listed on Rusell 2000 Index.
5. Revenue increased from 0 to 2.9M from Dec. 2017 to Dec. 2018.
6. 2 Successful on-going clinical trials on ARQ 531 and ARQ 092 (These are the news when it gained 44% and 21% on 2 succeeding days June 14, 2019 and June 17, 2019.

Here is the Chart of ARQL:
http://charts.stockfetcher.com/sfchart/1oyo3iEtRN.png